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Retail Analytics Market Overview, Industry Top Manufactures, Size, Growth rate 2022-2031

Kenneth Research, in its repository of market research reports, has recently added a report on Retail Analytics Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Retail Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Retail Analytics Market products.

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The Global Retail Analytics Market was valued at USD 3.35 billion in 2016 and is projected to reach USD 17.08 billion by 2025, growing at a CAGR of 19.84% from 2017 to 2025.

Retail analytics helps in information gathering and assessment of data across the entire value chain. Retail analytics improves businesses by providing new and faster ways to identify product and channel preferences, understand inventory demands in real time and serve consumers in a better way, increases resonance with the customer, improves stock management, improve decision making, thus ensuring the operation is more flexible and efficient.

Market Dynamics:
1. Market Drivers
1.1 Increasing demand for cloud-based analytics
1.2 Increasing adoption of merging In-store and digital operations
1.3 Increasing internet penetration
1.4 Emergence of machine learning, AI and augmented reality
1.5 Growing usage of data intensive platform and rapid adoption of social media
2. Market Restraints
2.1 Rising consumer preferences
2.2 Lack of technical expertise
2.3 High infrastructure cost

Market Segmentation:
The Global Retail Analytics Market is segmented on the end user, business function, organization size, component, deployment model, application, and region.

1. End User:
1.1 Online
1.2 Offline

2. Business Function:
2.1 Supply Chain
2.2 Marketing
2.3 Finance
2.4 Store Operation
2.5 Sales

3. Organization Size:
3.1 Large Enterprises
3.2 Small and Medium Organizations

4. By Component:
4.1 Software
4.2 Services
4.2.1 Managed services
4.2.2 Professional services
4.2.2.1 Support and training services
4.2.2.2 Implementation and consulting services

5. By Deployment Mode:
5.1 Cloud-based
5.2 On-premises

6. By Application:
6.1 Customer Management
6.2 Merchandising Analysis
6.3 Inventory Analysis
6.4 Pricing Analysis
6.5 Performance Analysis
6.6 Yield Analysis

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7. By Region:
7.1 North America (U.S., Canada, Mexico)
7.2 Europe (Germany, UK, France, Rest of Europe)
7.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
7.4 Latin America (Brazil, Argentina, Rest of Latin America)
7.5 Middle East & Africa

Competitive Landscape:
The major players in the market are as follows:
1. Fujitsu Limited
2. Microstrategy Incorporated
3. Information Builders
4. Microsoft Corporation
5. 1010data, Inc.
6. Oracle Corporation
7. Angoss Software Corporation
8. SAP SE
9. Manthan Software Services Pvt. Ltd.
10. SAS Institute Inc.
11. Bridgei2i Analytics Solutions Private Limited

These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Retail Analytics Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.

To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team

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